Singapore-based hotel group SilverNeedle Hospitality will launch its NEXT®Hotel brand in Brisbane after buying the city’s Lennons Plaza hotel.

SilverNeedle Hospitality runs 67 hotels across Asia and the Pacific, and already operates about 4400 rooms in Australia under the Grand Chifley, Chifley, Australis, Country Comfort and Sundowner brands.

The purchase of the Brisbane hotel from
Abacus Property Group
for about $57 million is a shift into owning more hotel property.

SilverNeedle bought the hotel on its own after an earlier deal involving a Fijian group did not go ahead.

SilverNeedle, which already runs the Chifley hotel on site, was mooted as an operator at the time but is now looking to have a portfolio of both owned and managed hotels.

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He said there is rising demand for four to 4½ star properties across the region. He added that the group “will continue to increase our current portfolio in the Asia-Pacific region by exploring and converting opportunities that fit our sustainable business model and growth strategy".

This includes further opportunities in Australia where SilverNeedle may buy land and build hotels.

SilverNeedle also has offices in Bangkok and Bangalore from which it is exploring expansion opportunities in south-east and south Asia.

Mr Jumabhoy differentiated SilverNeedle, which is backed by the Nadathur Group, from the series of hotel real estate investment trusts that have listed in Singapore, saying “we are building an integrated hospitality business".

“It does not preclude any decisions we may make in the future to use the capital markets in different ways," he said.